JPMorgan Chase & Co. Acquires 8,393 Shares of Peapack-Gladstone Financial Co. (NASDAQ:PGC)

JPMorgan Chase & Co. increased its holdings in Peapack-Gladstone Financial Co. (NASDAQ:PGC) by 6.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,502 shares of the financial services provider’s stock after purchasing an additional 8,393 shares during the period. JPMorgan Chase & Co. owned 0.84% of Peapack-Gladstone Financial worth $4,043,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. American Century Companies Inc. lifted its holdings in shares of Peapack-Gladstone Financial by 15.3% in the second quarter. American Century Companies Inc. now owns 275,576 shares of the financial services provider’s stock worth $6,242,000 after buying an additional 36,564 shares in the last quarter. Victory Capital Management Inc. bought a new stake in Peapack-Gladstone Financial in the 3rd quarter valued at $959,000. AQR Capital Management LLC lifted its stake in Peapack-Gladstone Financial by 45.6% in the 2nd quarter. AQR Capital Management LLC now owns 95,930 shares of the financial services provider’s stock worth $2,173,000 after purchasing an additional 30,031 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter valued at about $626,000. Finally, Wellington Management Group LLP grew its position in shares of Peapack-Gladstone Financial by 2.5% during the third quarter. Wellington Management Group LLP now owns 631,645 shares of the financial services provider’s stock valued at $17,313,000 after purchasing an additional 15,667 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors.

Peapack-Gladstone Financial Stock Performance

Shares of NASDAQ:PGC opened at $31.81 on Friday. The firm has a fifty day simple moving average of $34.21 and a two-hundred day simple moving average of $29.88. Peapack-Gladstone Financial Co. has a 52 week low of $20.30 and a 52 week high of $37.88. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $559.38 million, a P/E ratio of 17.57 and a beta of 1.00.

Peapack-Gladstone Financial (NASDAQ:PGC) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.37 by $0.06. Peapack-Gladstone Financial had a return on equity of 5.55% and a net margin of 8.12%. The company had revenue of $102.14 million during the quarter, compared to analyst estimates of $58.24 million. On average, analysts expect that Peapack-Gladstone Financial Co. will post 1.81 earnings per share for the current fiscal year.

Insider Transactions at Peapack-Gladstone Financial

In other news, EVP John P. Babcock sold 3,000 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $32.29, for a total value of $96,870.00. Following the sale, the executive vice president now owns 49,155 shares of the company’s stock, valued at approximately $1,587,214.95. This represents a 5.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 7.63% of the company’s stock.

Wall Street Analyst Weigh In

PGC has been the topic of a number of research analyst reports. Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $30.00 to $35.00 in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective on Peapack-Gladstone Financial from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Peapack-Gladstone Financial Profile

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.